Borrower Terms & Conditions

These Terms and Conditions apply to a person who applies for or receives a Loan through the easyMoney website. The easyMoney website is operated by E-Money Capital Ltd, which is authorised and regulated by the Financial Conduct Authority to operate an electronic system in relation to lending under firm reference number 231680. References to “we”, “us” or “our” in these Terms and Conditions are to E-Money Capital Ltd and/or to E-Money Capital Security Trustee Ltd (which will hold and enforce any Security you provide in connection with a Loan for the benefit of the lenders from time to time), as the context demands.

Although we are regulated by the Financial Conduct Authority and will provide services to you, only individual borrowers constitute our client for the purposes of the Financial Conduct Authority’s rules. We do not currently lend to small partnerships. Corporate borrowers do not benefit from regulatory protections afforded to clients.

By completing a Loan application, you are applying to borrow money that may be lent to you directly by one of our associates, Professional / Institutional Lenders or through multiple peer-to-peer loans through our peer-to-peer lending platform. We only arrange Loan Contracts that are secured by a legal mortgage on land. Your borrowing will be governed by a series of Loan Contracts, as set out in our Offer Letter. In the event of conflict between the provisions of these Terms and Conditions and a Loan Contract, the Loan Contract shall take precedence. Capitalised terms used in these Terms and Conditions shall bear the meaning ascribed to them in the Loan Conditions.

If we make an offer to you under the Offer Letter, you will be given a period in which to confirm whether you wish to take up the offer by completing the Acceptance notice. We will be entitled to withdraw or amend the offer contained in the Offer Letter for any reason at any time up until the loan monies are made available to you. You may contact us at any time to ask questions about the Offer Letter, the Loan Conditions or any other related documentation, using the contact details provided on our website. If you are an individual, you may withdraw from the Loan Contract without charge by notifying us in writing within 14 days of the date you completed the Acceptance and repaying the capital and interest due for that period without undue delay. Third party fees you have already incurred, such as solicitor fees, valuer fees, banking fees and intermediary fees, will not be refundable unless you have made a separate arrangement with the third party.

Peer-to-peer lending involves spreading your borrowing across multiple loans between you and individual lenders. We will also typically arrange for your borrowing to be underwritten by an institutional or professional lender(s) who will subscribe the shortfall of any funds not subscribed by Lenders on the Platform. In the event that any loan is not filled by the P2P Lenders on a particular Loan then the rights may be transferred to institutional professional lenders. You authorise us to enter into all documentation (including a Transfer Contract) and arrangements necessary to enter into or transfer Loan Contracts, provided that this achieves the Borrowing Requirements, as set out in the Offer Letter. For these purposes, in transferring a loan, we may alter the breakdown of the amount due as between the interest rate and fees without this constituting an alteration of the Borrowing Requirements, so long as this does not affect the total amount you pay. The identity of lenders will not generally be disclosed to you. Any withdrawal rights you have under the Loan Conditions will only apply by reference to the time that you accept the Offer Letter.

You authorise us, both for our own account and on behalf of the lenders who lend to you, to rely on the information you have provided in applying for a Loan. If you supply inaccurate information that is material to the decision to lend, this will constitute a breach of the Loan Contract and entitle us to demand immediate repayment of sums due under it and any related damages.

If you apply online, as part of the application process you (or your intermediary) will need to provide a username and password which will enable you to access your online account. You must not disclose usernames, passwords or other secure information to any other party, save for any professional intermediary whom you may authorise to access your account on your behalf. We are entitled to treat instructions validated with your password as genuine. Where we believe the integrity of our systems could be compromised by you providing your username and password details to an unauthorised third party, we reserve the right to block online access to your account and take such other reasonable action as may be necessary to protect us or you. Where your account is blocked in these circumstances, we will not be liable for any resulting loss.

We may accept or reject Loan applications at our absolute discretion. If you or any of the directors or principals of your business have been made bankrupt or been associated with a business that has become insolvent, please contact us to discuss before submitting your application.

You must provide us with the account details of the bank account from which you intend to make and receive payments (your "Designated Account"). Your Designated Account must be in your name and be held with a credit institution that is acceptable to us. We may collect money from your Designated Account pursuant to the Direct Debit guarantee, but will not collect money under any other continuous payment authority.

The fees you must pay in relation to applying for and receiving a Loan are set out in the Tariff and will be further described in the Offer Letter.

We shall be entitled to enforce the terms of the Loan Contracts both for our own account and for the account of lenders without providing you with further evidence of our authority to do so. We may, upon providing you with written notice of the same, appoint any third party to administer loans on our behalf and to enforce the provisions of the Loan Contracts and these Terms and Conditions against you. At present, we have granted such rights to Street (UK) C.I.C. (company number 03832332) (“Street”) and you acknowledge Street’s corresponding rights. These rights will, unless we notify you otherwise, survive our insolvency. You may be required to change the account details you use to make payments under Loan Contracts as part of us appointing a third party to administer loans. In the event that we appoint Street to service your Loan Contracts, you will pay 0.2% per annum from the Loan Facility directly to Street rather than to us.

If you default on your obligations under a Loan Contract, you or any guarantors may forfeit the security you provided under the Security Documents. If this security is insufficient to pay off the sums you owe, you run the risk of being made insolvent. Where you are an individual, we will treat you with due consideration as required by the Financial Conduct Authority’s rules before taking enforcement action against you under a Loan Contract.

If we are required to sell any asset you have provided as Security, the proceeds of recovery shall be applied in the following order:

first to pay the expenses of any third party involved in the recovery process;

second to pay our expenses (or the expenses of Street, as the case may be) for pursuing recovery, as set out in the Tariff and, if relevant to pay any other fees of Street;

third to pay interest to the Lender(s);

fourth to repay capital to the Lender(s);

fifth to pay our fees, other than those set out in clause 13.2;

any residue will be payable to you or any other person with an interest in the asset.

Should you choose to employ the services of an intermediary, your intermediary is responsible for disclosing to you their fees that relate to the advice or service that they gave to you in respect of your lending activities and your decision to take out a loan. Where an intermediary applies for a loan on your behalf, we may communicate directly with that intermediary without reference to you, unless you inform us otherwise immediately upon becoming aware of the situation.

We may pay a commission to your intermediary where we disclose this to you in the Offer Letter. We may also make, or procure the making of, facilitation payments in respect of fees you have agreed with your intermediary on your behalf pursuant to that notification.

If you are an intermediary, you must have obtained all necessary consents from your client, including, without limitation:

authority to pass on personal data in accordance with the Data Protection Act 1998;

consent to you entering these Terms and Conditions on your client's behalf; and

consent to payment of your fees, before completing this form and passing information about your client to us. We shall rely on information provided by you for the purposes of verifying the identity of borrowers in accordance with the Money Laundering Regulations 2007 and you shall indemnify us in respect of any liability we suffer as a result of relying on you in this manner.

We comply with, and are registered as, data controllers under UK data protection laws and will take all reasonable care to prevent any unauthorised access to any personal data provided in connection with your Loan application. You may obtain further information about our registration by viewing the Data Protection Public Register at www.ico.org.uk. Our Privacy Policy and Cookies Policy set out ways in which we can use personal data. If you do not wish your personal data to be used in this way at any time, you must tell us, but it may affect your ability to obtain a loan or continue borrowing.

We may carry out credit searches using the personal information provided (which may leave a record on the individual's credit file) and may carry out such searches on any individual associated with the borrower, including without limitation directors, shareholders and guarantors. We may monitor, record, store and use any telephone, email or other communication with you. We may use personal data for the purposes of administering and enforcing your contractual obligations under the loan and these Terms and Conditions, including passing such data to third parties that we use for these purposes. Any new information you provide may be used to update an existing record we hold for you.

Personal data will be retained for a reasonable time after enquiries are received by us (whether or not a Loan Contract is subsequently entered into) and in any event we will keep records for a minimum of six years where you borrow from or through us.

We may share the personal data we hold about you with other group companies to enable us to better understand your needs and for customer modelling, statistical and trend analysis, with the aim of developing and improving our products and services.

Where we use external third parties to process your information on our behalf for lending purposes, we may need to transfer your personal data outside the European Economic Area.

As part of the Loan application process, you must disclose to us any facts or circumstances which may result in a material adverse change to your business' financial condition, including but not limited to, any court proceedings, investigations or claims which are current, threatened, or in your opinion reasonably likely to occur.

We shall make information you provide to us and other information we may obtain from third party sources available to lenders, potential lenders and other third parties for the purposes of financing your loan. We may amend the information you supply to us or we obtain from third party sources for presentational purposes when passing it on to potential lenders and will not be responsible to you for any matter arising as a result of such amendment provided it does not render information supplied by you or the third party manifestly inaccurate. We are not under any obligation to check the accuracy of information we receive from third parties in good faith unless you bring an inaccuracy to our attention and we have no reasonable doubt as to its inaccuracy. You alone shall be responsible to lenders for the accuracy and completeness of information you have supplied to us and the provision of inaccurate information may result in a breach of the Loan Contract(s).

You waive any right to confidentiality or legal privilege your solicitor may otherwise owe in respect of disclosing information to us in respect of your application.

We or any delegate we appoint shall be entitled to enforce any provision of these Terms and Conditions, the Loan Contracts against you directly, whether acting on our own account or for the account of any other person lending pursuant to those documents. You shall be liable to us for any resulting losses.

Each party's liability to the other is limited to loss or damage that is reasonably foreseeable, provided that this limitation shall not exclude liability for personal injury or death caused by negligence, for fraud or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.

We endeavour to deliver a first-class service to our borrowers, but we recognise that there may be occasions when we fail to meet your expectations. If you have a complaint, then you can contact us by phone on: 02075892500, by post at: 4 Cromwell Place, London, SW7 2JE or by email at: complaints@easymoney.com You can ask for a copy of our Complaints Handling Procedures on request. If you are an individual, you may have rights to complain to the Financial Ombudsman Service. Further details are available at www.fos.org.uk.